Shopify’s Surge, Peloton’s Pivot Keep CE 100 in Growth Mode

The earnings reports continue to roll in, and for the past week, quarterly revenues and management commentary about the state of lending and spending were front and center for the CE 100 Index.

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Overall, the Index gained 1.1% trailing its benchmark comps, as seen in the chart below.

Drilling down by pillar, six groups advanced, four slipped, one was flat — and if there was a theme to the week, it’s that consumers keep spending.

Shopify Boosts the Shopping Segment

In the Shopping segment, which gained 5.7%, Shopify was a standout, adding 26.1%,

Shopify said in its latest earnings report that revenues climbed 31% during its quarter while avoiding the impact of tariffs.

Chief Financial Officer Jeff Hoffmeister told analysts on the call that the company had not seen any declines in U.S. demand, whether “inbound, outbound or local,” and that it had accelerated.  Just around 4% of Shopify’s worldwide gross merchandise value (GMV) is shipped under de minimis exemptions, according to management commentary.

On the payments front, the earnings report shows Shopify’s global payments penetration reaching 64% during the quarter, up 61% year over year. Shop Pay, the company’s accelerated checkout, saw its GMV jump by 65% to $27 billion.

Peloton’s Evolution

In the “Be Well” segment, which added 3.6%, Peloton’s quarterly announcement showed traction in the company’s pivot towards becoming a holistic wellness brand, expanding beyond its origins in connected fitness. The strategy hinges in part on including artificial intelligence (AI) to deliver personalized coaching and recommendations. The company says it will tailor fitness and wellness plans to individual needs by integrating data from wearables and other sources. Total revenue came to $606.9 million, down 6% from the prior year. But adjusted EBITDA (earnings before interest, depreciation and amortization) doubled year over year to $140 million. Peloton shares added 19.9% for the week. 

Payment Names Decline

The Pay and be Paid pillar gave up nearly 2% on the week. Block, owner of Square and Cash App, was off about 1%.  PYMNTS reported that as earnings were released this past week, “the company wants to be the place where people manage their financial lives end-to-end, and where sellers of any size can operate with the sophistication of much larger players” as it moves into banking and crypto.

 In Q2, Square’s gross payment volume (GPV) grew 10% to $64.2 billion, with international growth of 25% far outpacing the U.S.’s 7%. Block’s commerce network (Cash App Card, Cash App Pay, Cash App Business and Afterpay) handled $183 billion in spending over the last 12 months, up 16%. Cash App’s short-term loan product grew originations 95% to $18 billion annualized.

Sezzle shares plummeted, and marked the most outsized losses in the CE 100 Index this week (and in the payments sector), declining by more than 36% and retracing some of the triple-digit gains enjoyed in 2025.  The quarter was marked by double-digit growth in revenues, strong uptake in subscriptions and in-store purchases and active consumers.

Revenues were up 76% to $98.7 million, and CEO Charlie Youakim said that “we are also still on pace with our guidance,” which projects adjusted net income rising 85% year on year. The company spent $8.8 million on marketing in the second quarter, said Youakim, compared to $1 million in the previous year.

“We don’t take this lightly as we value every dollar, but we also believe that this is the right time for this future investment as our profitability and positive free cash flow have positioned us well to both grow and reinvest,” he told analysts. 

Monthly active users rose 52% year over year, and as Youakim said, “the engagement from revenue generating users increased 138%.”  Earnings materials revealed that there were 2.8 million active consumers in the second quarter. Monthly on-demand and subscriber counts reached 748,000, compared to 462,000 last year, and were up 14% sequentially.

In the Enablers pillar, which was basically flat, Apple said it is increasing its investment in the U.S. by $100 billion, reaching a $600 billion projected investment over the next four years.

That investment comes alongside its new American Manufacturing Program (AMP), which aims to increase advanced manufacturing in the U.S., the company said.  Apple shares gained 13.3%.

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